Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $166M | $215M | $270M | $254M | $293M | $390M | $474M | $499M | $551M | $624M |
| Revenue growth | — | 29.9% | 25.5% | -6.0% | 15.1% | 33.3% | 21.4% | 5.4% | 10.4% | 13.2% |
| Gross profit | $150M | $195M | $243M | $219M | $248M | $331M | $404M | $427M | $457M | $492M |
| Gross margin | 90.5% | 90.4% | 89.8% | 86.2% | 84.9% | 84.8% | 85.3% | 85.6% | 83.0% | 78.8% |
| Operating income | -$12.0M | -$13.4M | -$29.1M | -$76.0M | -$78.4M | -$98.7M | -$121M | -$117M | -$118M | -$147M |
| Operating margin | -7.2% | -6.2% | -10.8% | -29.9% | -26.8% | -25.3% | -25.6% | -23.5% | -21.4% | -23.5% |
| Net income | -$14.2M | -$13.8M | -$28.6M | -$78.8M | -$94.0M | -$117M | -$125M | -$101M | -$95.8M | -$129M |
| Net margin | -8.6% | -6.4% | -10.6% | -31.0% | -32.1% | -30.0% | -26.3% | -20.2% | -17.4% | -20.7% |
| EPS (diluted) | -$0.54 | -$0.50 | -$0.98 | -$2.60 | -$1.00 | -$1.11 | -$1.14 | -$0.92 | -$0.86 | -$1.13 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.35M | $16.4M | $23.5M | -$10.7M | -$5.84M | $7.18M | $11.9M | $59.4M | $115M | $147M |
| Capital expenditures | $3.83M | $5.31M | $9.58M | $25.4M | $10.1M | $10.5M | $11.4M | $5.10M | $6.69M | $12.6M |
| Free cash flow | $3.52M | $11.0M | $14.0M | -$36.1M | -$16.0M | -$3.31M | $475K | $54.3M | $109M | $135M |
| Share buybacks | — | — | — | — | $0.00 | $0.00 | $56.4M | $43.5M | $0.00 | $115M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $48.3M | $56.7M | $48.7M | $68.9M | $234M | $806M | $368M | $231M | $186M | $202M |
| Total assets | $182M | $246M | $285M | $318M | $555M | $1.11B | $1.04B | $1.10B | $1.66B | $1.79B |
| Shareholders' equity | $96.0M | $115M | $125M | $93.5M | $94.1M | $597M | $502M | $490M | $456M | $599M |
| Retained earnings | -$106M | -$109M | -$138M | -$217M | -$311M | -$428M | -$543M | -$644M | -$740M | -$869M |
| Shares (wtd avg diluted) | 26.8M | 28.1M | 29.6M | 90.8M | 94.3M | 105M | 109M | 109M | 112M | 114M |
Every figure is extracted from VARONIS SYSTEMS INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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